In his coverage of Friday morning's stellar jobs report, the Associated Press's Chris Rugaber came up with a couple of doozies aimed at curbing readers' enthusiasm. The AP economics writer half-expected that employers would rein in their hiring over confrontational rhetoric President Donald Trump and other foreign leaders have recently engaged in over trade and tariffs. He also implausibly framed the record-low black unemployment rate of 5.9 percent merely as evidence that employers are just now finally "taking chances" with potential workers "they had previously ignored."
The Federal Reserve and the Conference Board both issued positive progress reports about the U.S. economy last week. Neither got a peep from the broadcast networks on those days. In fact, on April 18 and 19, the evening news broadcasts on ABC, CBS and NBC included just one economic story — and it wasn’t about either of those positive economic updates
The U.S. economy is booming. So much so that 4 percent economic growth is possible in 2018, according to JP Morgan CEO Jamie Dimon. To the broadcast networks, that information was far less important than a freshman football star and a dog stuck on a train.
As the Dow Jones Industrial Average neared the 20,000 mark for the first time in history, the index set 16 closing-day record highs since Donald Trump’s election. Even some liberal media outlets have drawn a direct connection between the soaring stock market and Trump’s election, going so far as to label it a “Trump stock market rally.” But the broadcast networks often ignored any connection, even going out of the way not to mention it.
Greece is the perfect example of the eventual outcome of unchecked spending – especially as it creeps closer and closer to defaulting on its massive debts, despite multiple government bailouts in May 2011. One recent BBC News headline warned: “Greece: ‘Default within the euro is possible’.”
But, looking back, some journalists predicted the opposite: that the Greek economy would survive because of government bailouts. Huge fan of government-deficit spending, Paul Krugman, has been writing about Greece a lot, arguing that its trouble is proof that austerity doesn’t work.
On Monday's CBS This Morning, Charlie Rose and Erica Hill touted Massachusetts Democrat Elizabeth Warren's past time as "the government's chief watchdog during the 2008 bank bailout" as she was brought on to discuss JP Morgan Chase's $2 billion loss. Rose and Hill asked all of their questions from the left, and completely ommited any mention of the recent controversy over Warren's claim of Native American ancestry.
The anchor set up the Senate candidate to push for more regulations on banks without rebuttal: "It's appropriate to have some government oversight, and notwithstanding the fact that we're just coming out of this huge crisis." Hill even wondered if the banks themselves "should be broken up into smaller entities."
Occupy Wall Street attacks income inequality and the richest 1 percent, adopting as its slogan ''we are the 99 percent.'' In October, its protesters staged a ''millionaires march' 'in New York City, parading to the homes of wealthy citizens such as Rupert Murdoch and David Koch. But only some riches bother the Occupiers, who have ignored the massive wealth of celebrities in their own ranks.
The top 25 richest celebrities supporting Occupy Wall Street, according to the website Celebrity Net Worth, possess a combined net worth just over $4 billion.
J.P. Morgan Chase is the second-largest U.S. bank, but its CEO spoke out on Nov. 13 to condemn the policy of bailing out banks which are "too big to fail."
Jamie Dimon wrote in the Washington Post that even his bank should accept the risk of failure.
"[I]f some unforeseen circumstance should put this firm at risk of collapse, I believe we should be allowed to fail," Dimon said. He argued that rather than limiting the size of banks and financial firms, failure should be a regulatory option.
According to Dimon, regulators should be given "authority to facilitate failures," wipe out shareholders and unsecured creditors, fire management and liquidate assets.
Dimon said this is better than the alternative: "This is challenging but worth doing. The alternatives, neither of which is acceptable, are to perpetuate the politically, economically and ethically bankrupt "too big to fail" idea, or to try to impose artificial limits on the size of U.S. financial institutions."
Although the collapse of Bear Stearns happened back in March, the debate still rages as to what led to the failure of the 85-year old investment bank that had survived years of previous turmoil, including the Great Depression.
After JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appeared on PBS's "The Charlie Rose Show" July 7 and commented on an August 2008 Vanity Fair article alleging that CNBC reporting could have been part of Bear Stearns' downfall, the cable channel's on-air editor Charlie Gasparino criticized what was claimed in the article and Dimon's reaction on CNBC's July 8 "Power Lunch."
"Well, you know, he [Dimon] said one thing that I'm just - listen, I didn't watch it," CNBC's Charlie Gasparino said, "I'm just going by what appears to be a transcript here: ‘Where there's smoke, there's fire.' Oh really? Sometimes where there's smoke, there's no fire, Jamie. I've got news for you."